Penguin International

[gzbkel]

Surprised that the Flex Fighter is so popular.
Wonder if Indonesia will become another customer, since they are now more keen to police their fishing waters.

AGM - Q and A session about 1 hour. Some brief points for sharing:

Key takeaway:
1. Crewboat enquiry out of Mexico - potential new market
2. More ferry enquiries since the delivery of the Ferry (Horizon) in 2014
3. Half of crewboat delivery in 2014 is Flex Fighter, main market Nigeria (Africa)
4. Recent out of court settlement is not that material, the 2 vessel already written down to scrap metal level, still trying to maximise value of its disposal.
5. Dec 2014 WIP relates to more than 10 vessel under construction.
6. 1st in crewboat with about 40% global market share. The balance shared by about 12 players.
7. Vessel construction - half with orders and half built for stock.
8. Management re-emphasize to focus more on business (than share price). That is do more, talk less.
9. First 100th Flex is still on target in June/July 2015.
10. Though 2015 vessel capacity is more than 50, does not mean to produce 50. However, currently, the Spore and Indonesia yards are at 90% utilisation.

Shareholder request
1. Review of Forex handling
2. Increase of dividend preferably 1/3 of profit, over 2 dividend payments annually

On the whole, management appeared optimistic.

Recalled from memory.